This study presents a new ac circuit element – the mutual capacitor, being a dual of the mutual inductor, which is also a new ac transformer. This element is characteristic of the mutual-capacitance coupling of a multi-capacitance system. A unity-coupled mutual capacitor works as an ideal current or voltage transformer, and incidentally acts as waveform separating when inductor employed or waveform converting from square-wave to quasi-sine or waveform filtering, between ports. As a transformer, the mutual capacitor is easy to design, easy for heat cooling, more accurate for current or voltage transformation, dissipating less energy as well as saving materials, suitable for high-power and high-voltage applications. Experiments to demonstrate performances of unity-coupled mutual capacitors are also given.