CRM stands for Certified Reference Material. Unless you have a means of certifying the standard that you would make from the reagent toluene that you listed, the CRM will be much better for your needs.

The purity of 89680 sigma is an analytical standard and is very pure (>99.9%). I guess this one is cheaper. If so, you can use it without any problem. 

It depends upon what accuracy you want. CRM standard  is required if you need that kind of accuracy. If you don't then buy the Sigma Aldrich.