Hi @J_Levin ...
You could try HTML code similar to this: HTML figcaption Tag. However, in my own testing, I wasn't able to get the caption to also right-align with the image. Not sure if it is possible to right align "figcaption" or not.
As for adding some space next to the image so that text isn't right up against it... my work-around is to open up a graphics editor on my computer, add some white space around the image, save the image, and then upload it to Canvas. That way, I don't have to mess with any HTML code to control the spacing between the image and the text.
I hope this helps a bit. Sing out if you have other questions.