The findings of Coroner David Robinson, which were released today, concluded Rae's death was an accidental drowning that occurred after he failed to recognise the road was narrowing and crashed.
Toxicological analysis showed the main active ingredient in cannabis was presented in Rae's blood.
Cannabis effected people differently and also varied over time, Coroner Robinson said.
"The dangers of driving after using cannabis are due to taking longer to respond to events, reduced ability to think clearly, and reduced ability to pay attention," Coroner Robinson said.
"The effects of cannabis may include distorted perception, difficultly in thinking and problem-solving, and loss of co-ordination."
Rae's judgment might have been impaired by his cannabis use, he said.
The Crash Investigation Report and a Grey District Council spokesman agreed that metal Armco barriers across the bridge might have made the crash survivable.
However, the metal Armco barriers would make the rural bridge unsuitable for over-sized traffic.
"Notwithstanding these issues, NZTA is currently a seeking additional national funding to enable a programme of replacement of timber rails with Armco barriers across New Zealand," Coroner Robinson said.
The crash debris and broken guard rail was first noticed by a teenage diesel mechanic apprentice who was driving past.
Andrew Field, 17, stopped to investigate and waded into the water to help.
Field could see Rae upside down in the driver's seat with his upper torso in the water.
The teenager realised there were children in the back seat and smashed a rear passenger window with a rock to rescue them.
He returned to help Rae but was unable to open the door.
Coroner Robinson said his bravery and decisiveness were to be commended.
"Without his efforts, this tragedy of this loss may well have been much greater."
The three young boys were looked after at a nearby home by Ikamatua farm worker Ryan Davy.
Davy told the Herald at the time the boys had all been badly shaken.
"The young fella that got the kids out. He was the one that saved those kids' lives."
When asked about his heroic act at the time, Field said it was hard to feel like a hero knowing the young boys would grow up without a father.