Now's the time for giving (7,3)

I believe the answer is:
present day
This clue might be a double definition.
'now's' is the first definition.
(I've seen this before)
'time for giving' is the second definition.
'present-day' can be an answer for 'time' (I have seen 'Current time ' mean 'present-day' so perhaps 'time' could also mean 'present-day'). I am not sure about the 'for giving' bit.
'the' is the link.
Can you help me to learn more?
(Other definitions for present day that I've seen before include "Christmas for materialists?" , "twenty-fifth of December?" , "occasion for lots of give and take?" , "Current" , "Contemporary" .)
