The rich text editor functions aren't available when creating or editing an email template in the current version of CRM. As a work-around, we suggest using this online HTML editor provided by Tiny MCE to write and format your content.
The online editor page has two text boxes:
Use the rich text editor.
HTML output.
Use the first text box under the heading Use the rich text editor to write and format the body of your email template.
HTML is displayed in the second box under the heading HTML output.
Copy this HTML code and paste into the body of the email template in CRM.
Save the email template in CRM to see verify that the email template has saved correctly.