Christmas, now! (7,3)
I believe the answer is:
present day
'christmas now' is the definition.
'present-day' can be an answer for 'now' (thesaurus). I'm not sure about the 'christmas' bit.
'christmas now' is the wordplay.
'christmas' becomes 'present' (I've seen this before).
'now' becomes 'day' (I can't justify this - if you can you should give a lot more credence to this answer).
'present'+'day'='PRESENT-DAY'
Can you help me to learn more?
(Other definitions for present day that I've seen before include "Contemporary" , "occasion for lots of give and take?" , "Christmas for materialists?" , "twenty-fifth of December?" , "Current" .)